NNPCL Sued Over Failure To Account For Missing $2 Billion, ₦164 Billion Oil Revenues

In a bold move, the Socio-Economic Rights and Accountability Project (SERAP) has initiated legal proceedings against the Nigerian National Petroleum Company (NNPC) Limited for its purported failure to provide a transparent account of the whereabouts of $2.04 billion and ₦164 billion in oil revenues.

The lawsuit stems from allegations outlined in the 2020 audited report by the Auditor General of the Federation, indicating that the NNPC failed to remit these funds into the Federation Account, raising suspicions of possible diversion.

Represented by its legal team led by Kolawole Oluwadare and Kehinde Oyewumi, SERAP filed the suit at the Federal High Court in Abuja, designated as FHC/ABJ/CS/549/2024.

SERAP’s legal action seeks an order of mandamus to compel the NNPC to provide a detailed explanation regarding the missing funds, as highlighted in the Auditor-General’s report. Additionally, SERAP demands that the NNPC cooperate with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for a thorough investigation and prosecution of suspected perpetrators.

Furthermore, SERAP urges the court to order the NNPC to ensure the complete recovery and transfer of the missing funds into the Federation Account.

Arguing the case, SERAP emphasizes the critical public interest in obtaining clarity on the disappeared funds, citing their detrimental impact on the nation’s economy and the resulting strain on public services. The organization underscores the NNPC’s failure to uphold principles of transparency and accountability, as evidenced by its reported non-remittance of substantial sums documented by the Auditor-General.

The lawsuit also highlights specific instances where the NNPC allegedly withheld funds, including deductions from oil royalties assessed by the Department of Petroleum Resources (DPR), now known as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), without justification.

Despite these allegations and the ongoing documentation of public fund disappearances, SERAP asserts that the NNPC’s lack of accountability continues to burden Nigerians and hinder economic progress.

As legal proceedings unfold, Daily24 Apps reports that a hearing date for the suit is yet to be scheduled, indicating the significance and complexity of the case.